FINRA-Investment Company and Variable Contracts Products Representative Qualification Examination Set 4

Question - 15 Maximum mark : - 29

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FINRA-Investment Company and Variable Contracts Products Representative Qualification Examination Set 4

Skip is a registered agent with state. He recently quit his job with Venus Broker-Dealers to become affiliated with Mars Broker-Dealers. Which of the three entities must report this change to the state Administrator?

Skip only ✘ Skip and either Mars or Venus, but not both ✘ Both Skip and Venus ✘ Skip, Mars, and Venus ✔

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Answer & Solution

Answer: Option B

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The net worth of a broker-dealer has fallen below the minimum net capital requirement specified by the state in which the broker-dealer is registered. This broker- dealer must notify the Administrator of this fact

before the beginning of the next quarter. ✘ before the end of the month. ✘ by the close of business on the next business day. ✘ within a week's time. ✔

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Answer: Option B

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Barring no irregularities (such as a license revocation by another state last year), after you have filed for registration as an agent, your license will be granted within

10 business days. ✘ 14 business days. ✘ 30 days. ✘ 45 days. ✔

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Answer & Solution

Answer: Option B

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S. White and Associates is an investment adviser registered in the state of Kentucky and, as such, is meeting Kentucky's minimum net capital requirement for investment advisers. The firm recently registered with the state of Virginia and has opened an office there. Virginia has a significantly higher net capital requirement for its investment advisers. Which of the following statements is true?

According to the Uniform Securities Act, S. White will have to meet Virginia's higher requirement. ✘ According to the Investment Advisers Act of 1940, S. White needs only to meet the net capital requirement of Kentucky. ✘ According to the Securities Exchange Act of 1934, S. White needs to meet at least the minimum net capital requirement specified by that Act since it is nowoperating in multiple states. ✘ According to the Investment Advisers Act of 1940, S. White will have to maintain a minimum net capital equal to the average of the net capital requirements ofthe two states. ✔

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Answer & Solution

Answer: Option B

Solution:

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Which of the following statements is false?

A state cannot require a higher minimum net capital for broker-dealers than the amount specified by the Securities Exchange Act of 1934. ✘ A state cannot require a higher minimum net capital for investment advisers than the amount specified by the Investment Advisers Act of 1940. ✘ The minimum net capital requirement for investment advisers that take custody of their clients' assets is higher than the net capital requirement for advisers whodo not take custody of the assets. ✘ None of the above statements is false; all are true statements. ✔

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Answer & Solution

Answer: Option B

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Which of the following entities are subject to post-registration provisions? I. broker-dealers II. agents III. investment advisers IV. investment adviser representatives

I and II only ✘ I and III only ✘ II and IV only ✘ All of the entities are subject to post-registration provisions. ✔

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Answer & Solution

Answer: Option B

Solution:

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Fly-By-Night Investment Advisers has closed its doors. Which of the following statements is true?

Fly-By-Night is required to shred all documentation of client transactions and communications. ✘ Fly-By-Night must send all records of client transactions and communications to the state Administrator for safekeeping. ✘ Fly-By-Night must preserve and maintain all records, including client transactions and communications, advertising materials, and financial statements of thenow-defunct business for five years. ✘ Fly-By-Night must send each of its former clients its records of all that client's transactions and communications with the firm over the past five years. ✔

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Answer & Solution

Answer: Option B

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You have passed the necessary exams (congratulations!) and are applying for registration as a securities agent. It is already the end of September. Therefore, you must pay

one-fourth of the annual fee required since only one quarter of the year remains. ✘ the full annual fee, and your license will expire on September 30th next year. ✘ the full annual fee, and your license will expire on December 31st next year. ✘ the full annual fee, and your license will expire on December 31st this year. ✔

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Answer & Solution

Answer: Option B

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To continue operating as an agent, broker-dealer, investment adviser, or investment adviser representative next year, you must pay the filing fee to renew your license with the state Administrator by

January 15th of the new year. ✘ January 30th of the new year. ✘ December 31st of this year. ✘ the anniversary date of the original issue date on your license. ✔

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Answer & Solution

Answer: Option B

Solution:

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10.

Mr. Bigwig, CEO of HiGrowth Corporation, meets with the president of BigFee Investment Bankers and arranges for BigFee to underwrite an Initial Public Offering (IPO) for the firm. When the IPO comes to market, GetErDone Broker-Dealers is part of the selling group, which handles the sale of the stock to the public. In this scenario, which party is acting as a dealer?

HiGrowth Corporation ✘ Mr. Bigwig ✘ BigFee Investment Bankers ✘ GetErDone Broker-Dealers ✔

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Answer & Solution

Answer: Option B

Solution:

It provides fallback for IE8.

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FINRA-Investment Company and Variable Contracts Products Representative Qualification Examination Set 4

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